{"id":663370,"date":"2025-04-08T00:00:00","date_gmt":"2025-04-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/08\/egp-slips-further-against-the-greenback-as-foreign-investors-continue-to-exit-amid-tariff-uncertainty\/"},"modified":"2025-04-08T00:00:00","modified_gmt":"2025-04-08T00:00:00","slug":"egp-slips-further-against-the-greenback-as-foreign-investors-continue-to-exit-amid-tariff-uncertainty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/08\/egp-slips-further-against-the-greenback-as-foreign-investors-continue-to-exit-amid-tariff-uncertainty\/","title":{"rendered":"EGP slips further against the greenback as foreign investors continue to exit amid tariff uncertainty"},"content":{"rendered":"

The EGP <\/strong>continued to weaken<\/strong> against the USD in trading yesterday<\/strong>, slipping to fresh lows and ending the day at a selling price of around EGP 51.44-51.47 at public and private banks, marking the second consecutive day of an exodus of foreign investors from the local debt market. Interbank market transactions since trading began on Sunday are estimated to have reached a total of USD 1.5 bn, a banking source told EnterpriseAM.<\/p>\n

Some analysts think the EGP could slide further<\/strong>, including Abu Dhabi Commercial Bank Chief Economist Monica Malik, who told Bloomberg<\/a> that the national currency could end up trading at EGP 54 against the greenback.<\/p>\n

REFRESHER-<\/strong> The EGP fell<\/a> just over 1% against the greenback on Sunday, with the drop coming amid global uncertainty after US President Donald Trump\u2019s tariffs came into effect over the weekend, which sent shockwaves across global markets. The day saw a significant exit of foreign investors from our local treasury market \u2014 an exit that came in tandem with the Madbouly government deploying more of its hard currency than usual to take advantage of the sharp decline in global commodity prices.<\/p>\n

The estimated outflows over these past few days are over USD 1 bn<\/strong>, which included a number of foreign portfolio investors taking a step back from the country\u2019s carry trade, Goldman Sachs and EFG Hermes economists told the business news information service. \u201cThe global risk-off triggered by Trump\u2019s tariffs have led to a \u2018flight to safety,\u2019 with investors trimming their exposure to all risk assets, Egypt included,\u201d said Goldman\u2019s MENA economist Farouk Soussa. \u201cEgypt is a relatively weak credit with large external-financing needs, and so is seen as vulnerable to a selloff,\u201d he added. <\/p>\n

But don\u2019t panic, \u201cwe are still within safe limits<\/strong>, and once the wave of volatility calms, hot money will return to the Egyptian market,\u201d our source told us, emphasizing that the scale of the outflows is not overly concerning. Meanwhile, demand for foreign currency may be lower than it was on Sunday due to a decline in executed transactions, our source suggested. Furthermore, Egypt is \u201crelatively insulated from the direct impact of tariffs,\u201d according to Soussa, who noted that exports are not a major driver of the country\u2019s growth. \u201cWith an undervalued currency and IMF backing, Egypt is well-positioned to benefit from a redeployment of risk when that comes,\u201d he added.<\/p>\n

The current situation is being driven by a <\/strong>sta<\/strong>te of uncertainty in global markets at large<\/strong>, the source said, adding that they attribute the continued weakening of the EGP against the greenback to the flexibility of the exchange rate, with demand pressure mounting on the interbank market. \u201cIt is difficult to judge exchange rate developments at the moment, given the challenge of predicting how global markets will respond to the turbulence,\u201d our source told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

Interbank market transactions since trading began on Sunday are estimated to have reached a total of USD 1.5 bn<\/p>\n","protected":false},"author":1,"featured_media":663371,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12144],"tags":[104,6637,72,1666,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egp-watch","tag-economy","tag-egp-watch","tag-enterpriseam","tag-exchange-rate","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"5146eca4-c22f-48fc-8bba-6e5be007da7e","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/644.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGP slips further against the greenback as foreign investors continue to exit amid tariff uncertainty","related_issue":[663362],"teaser":"Interbank market transactions since trading began on Sunday are estimated to have reached a total of USD 1.5 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.fab84578-b0f7-40ca-ae09-ab48687ab55f.mp3"},"yoast_head":"\nEGP slips further against the greenback as foreign investors continue to exit amid tariff uncertainty - 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There are signs a parallel market for the USD has reappeared in recent days as the covid-19 outbreak places strain on Egypt\u2019s sources of foreign currency, Reuters reports. While banks and currency exchanges\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578990,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/higher-yields-a-weaker-egp-have-foreign-investors-looking-at-egypt\/","url_meta":{"origin":663370,"position":5},"title":"Higher yields + a weaker EGP have foreign investors looking at Egypt","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt\u2019s debt market on the back of a cheaper EGP and record yield, Bloomberg writes. The spread between most EGP treasury bills and\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/355.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=663370"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663370\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/663362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/663371"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=663370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=663370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=663370"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=663370"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=663370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}